Since 2014, various amendments came into force leading disturbing effects on the society at large. The recent price hike on petrol the basic requirement of majority of the population led to major problems. The petrol hiked upto 72.43 per litre in Delhi, while diesel at 63.20 a litre.
According to Indian oil corporation petrol costed Rs 72.51 on August 2014 and it ascended again tremendously. And the rates have risen by Rs 3.31 per litre since mid-December.
According to NDTV, in Mumbai, prices have crossed Rs 80-mark – costliest in the country. Diesel is being sold at Rs 67.30 in Mumbai, where the local sales tax or VAT rates are higher. While the previous highs in 2014 were Rs 75.46 (Kolkata), Rs 80.60 (Mumbai) and Rs 75.78 per litre (Chennai) and now it increased to Rs 75.13, Rs 80.30 and Rs 75.12 per litre respectively in Mumbai, Kolkata and Chennai.
The same was with diesel costing too as diesel is vastly used for transporting goods including food products and experts claimed that this would push up inflation. The prices of diesel hiked in Kolkata, Mumbai and Chennai, it costs Rs 66.04, Rs 67.50 and Rs 66.84 a litre respectively.
on January 24, price of the Brent crude oil hovered around $70 a barrel, and it used to serve several factors like production curbs by the Organization of the Petroleum Exporting Countries (OPEC).
In accordance to international trends the daily price revisions leads to rise in domestic usage fuel costs also and the earlier system of price determination of petrol had a waiting period of 15 days. The officials said that, the rally in oil prices has renewed calls to the government to cut excise duty to cushion the burden on common man,
The abrupt hikes in rates led the has led the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.